Coastal Insurer Will Continue to Operate as Independent Unit Within Totalis
Totalis Program Underwriters has acquired ShoreOne Insurance Managers, Inc., with ShoreOne set to continue operating as an independent business unit within Totalis. Founded by Rhodes and Steffey, ShoreOne offers a homeowners product designed for coastal markets that integrates flood coverage with traditional homeowners protection under a single policy.
“Totalis’ underwriting-first philosophy and entrepreneurial culture are a natural fit for ShoreOne,” said Rhodes. “As a long-term capital partner, Totalis enables us to focus on disciplined, profitable growth while continuing to deliver value to our insurer, reinsurer, and distribution partners.”
According to the terms of the transaction, Cameron Rhodes, a co-founder of ShoreOne, will succeed Nick Steffey as chief executive officer. Rhodes will report to John Mahoney, head of Programs at Totalis. Steffey will remain involved with ShoreOne as Executive Advisor and will continue in his role as Chairman of BrightShore Insurance Company.
Steffey described Totalis as “the ideal partner to support our next phase of growth,” adding that he looks forward to continuing his involvement with ShoreOne.
Focus on Coastal Homeowners and Flood Coverage Integration
ShoreOne currently serves markets in South Carolina, New Jersey, New York, Massachusetts, and Rhode Island. Its underwriting approach incorporates advanced analytics, proprietary risk-selection tools, and portfolio-management capabilities to improve pricing and underwriting performance in flood-exposed areas.
The coastal insurer distributes its policies through independent insurance agents.
Carrier Relationships Remain Unchanged
BrightShore Insurance Company, which was founded by ShoreOne, is not part of the transaction and will retain its current ownership. BrightShore will continue as a key carrier partner supporting ShoreOne, alongside American European Insurance Company and Trisura Specialty Insurance Company.
Totalis Platform Strategy
Mahoney said the acquisition aligns with Totalis’ strategy of supporting specialized program businesses while allowing them to operate independently.
“We are delighted to welcome Cameron, Nick, and the ShoreOne team to Totalis,” Mahoney said. “ShoreOne has developed an important solution to address a significant protection gap for coastal homeowners. Our platform is designed to empower program businesses like ShoreOne to operate independently while benefiting from shared capital, resources, and strategic support.”
Transaction Details
Dowling Hales served as the exclusive financial advisor to ShoreOne. Terms of the transaction were not disclosed.
Background on the Companies
ShoreOne wrote its first policy in 2021, focusing on addressing coverage gaps for flood-exposed coastal homeowners by offering a single policy that combines homeowners and flood coverage.
Totalis Program Underwriters operates as an integrated platform providing specialty insurance solutions for underserved and complex risk segments, with a portfolio of specialty programs spanning multiple industries. It was launched in 2023 as a new brand for NFP’s specialty program business.
